Discover Income Tax Exemptions Permitted by the New Tax Regime
“Unveiling the Hidden Tax Benefits of the New Tax Regime” The new tax regime was introduced with the aim of making the tax system simpler and less burdensome for taxpayers. While it may seem like it eliminates all tax benefits, it’s not entirely true. Starting from the financial year 2023-24, the new tax regime will…
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GST Portal will soon allow negative values in Table 4 of GSTR-3B
GSTN will soon allow negative values in Table 4 of GSTR-3B The Goods and Services Tax Network (“GSTN”) will soon allow negative values in Table 4 of GSTR-3B, allowing users to show the net off credit notes values in Table 4A which will make Table 8 of the GSTR-9 comparison consistent as per the Release…
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What is the per day penalty for late filling of GSTR 3B?
The penalty for late filing of GSTR-3B (a monthly return form under GST) is as follows: It’s worth noting that the government has relaxed the late fee for GSTR-3B for the period from July 2020 to January 2021, due to the pandemic and its economic impact on businesses. The late fee for this period is…
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How many Goods and Services Tax (GST) returns are filed per month?
The frequency of filing GST returns in India depends on the type of taxpayer and their turnover. There are different return forms that are required to be filed on a monthly, quarterly, or annual basis. For normal taxpayers with an annual turnover of up to Rs. 5 crore, the following GST return filing frequency applies:…
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GST not payable on house rented to proprietor for residential purpose – CBIC
GST not payable on house rented to proprietor for residential purpose: CBIC From the starting of this year i.e. 1st January, GST would not be payable on housing units rented to the proprietor of a proprietary concern for residential usage only, the CBIC has said. The Central Board of Indirect Taxes and Customs (CBIC) also…
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Belated Income Tax Return, Revised Return filing last day on 31 Dec 2022 for FY 21-22
The cutoff time to document the late and amended annual government forms (ITRs) for FY 2021-22 (AY 2022-23) will end on December 31, 2022. This implies citizens just have one day left at this point. Under personal expense regulations, ITR recording is a yearly movement seen as an obligation of each and every capable resident…
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Deadline to file GST annual return to end on 31st Dec 22 — Forms required, penalty for late filing, other FAQ’s below
The cutoff time for GST yearly return documenting will end tomorrow, that is December 31, 2022. According to Section 80 of the CGST Rules, 2017, each enrolled individual responsible to document a yearly return for each monetary year should record something similar at the very latest December 31 of the following monetary year. Likewise, the…
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